Hudson River Trading LLC generated very strong earnings in 2020 amid high volatility in the pandemic and as it continues to expand its trading, including holding more positions overnight. While this has lowered the risk-adjusted capital (RAC) ratio below 10% as the balance sheet expanded even as capital grew, we believe the company's overall creditworthiness is supported by the reduction in intraday risk. As a result, we are affirming our 'BB-' issuer credit and senior secured debt ratings on Hudson River Trading. The stable outlook reflects our expectation for the RAC ratio to remain around 8%, with less volatile trading and risk as Hudson River Trading continues to expand its trading business. On Jan. 28, 2021, S&P Global Ratings affirmed
